| ▲ | mikewarot 2 hours ago | |
As a tangent, I'd like to point out that the world is realizing the same is true with respect to Currencies, especially the US Dollar. It used to be better than gold, lighter, easily transportable, and convertible to actual gold coin, up until FDR ended that in 1933.[1] He added insult to injury by devaluing the dollar shortly thereafter. We still had our silver coinage, though... and that lasted until after JFK was assassinated by groups still unknown[2] 60+ years later. The subsequent decision to remove silver from coinage left us without hard money, that we could hold, and instead substituted the "Johnson Sandwich".[3] Worldwide, however, there was still convertibility to gold, at FDR's reduced value. This was ended by Nixon in 1971.[4] Since then, the value of the dollar, relative to gold, has fallen from $38 per ounce, to ~$4000 per ounce today. That's a decline of more than 99%. The only thing holding the dollar up at this point is the PetroDollar System[5] that Nixon helped create in which Oil is exclusively priced in Dollars, and the dollars are recycled into US markets. It's my Personal opinion that Trump is speedrunning the destruction of this system. [1] https://en.wikipedia.org/wiki/Executive_Order_6102 [2] https://en.wikipedia.org/wiki/Assassination_of_John_F._Kenne... [3] https://en.wikipedia.org/wiki/Coinage_Act_of_1965 | ||